https://www.taxtmi.com/caselaws?id=762624 The Gujarat HC quashed the reopening of assessments under section 148 for assessment years 2014-15, 2015-16, and 2016-17. The court held that the AO's reasons to believe were cryptic, vague, and lacked nexus between information received from Investigation Wing and satisfaction that income escaped assessment. The AO failed to apply mind while recording reasons and disposing of objections through non-speaking orders. The court found no prima facie reason to believe bank deposits constituted escaped income when the assessee explained these represented recorded cash sales, making the reopening invalid. en-us Tue, 29 Oct 2024 00:00:00 +0530 Wed, 04 Dec 2024 08:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762624 The Gujarat HC quashed the reopening of assessments under section 148 for assessment years 2014-15, 2015-16, and 2016-17. The court held that the AO's reasons to believe were cryptic, vague, and lacked nexus between information received from Investigation Wing and satisfaction that income escaped assessment. The AO failed to apply mind while recording reasons and disposing of objections through non-speaking orders. The court found no prima facie reason to believe bank deposits constituted escaped income when the assessee explained these represented recorded cash sales, making the reopening invalid. Case-Laws Income Tax Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762624